The Quarterly Journal of Economics

The Mexican peso, in the form of silver coins, was the dominant global currency for 300 years until the early 20th century. These coins originated from Spanish colonies in Mexico and were standardized as the 'peso de ocho' (pieces of eight), valued at eight reales. By 1700, Mexico's silver mines fueled 80% of the world's silver production, making it a central hub for transoceanic trade.